First the positive arguments for simplification( and hence CA revenue declining)
- Excise, Service Tax, VAT audits all replaced by a single GST audit.
- Invoice level matching
- Government audit interest declining once it receives its tax payment on time
- Statutory audit simplified from indirect tax/compliance
- Lesser possibility of people evading direct tax while reporting higher GST revenues
Arguments for complexity (and hence bright future for CAs)
- Multiple GST rates-hence classification confusions
- Residual 18% rate vs lowest 5% slab, chances for government to raise aggressive tax positions
- ~40% GDP still out of GST tax net-hence need to check omissions
- Reverse Charge for purchases from unregistered vendors-substantial complexity
- Non GST expenses like salaries, utilities, taxes-hence cannot prepare full P&L
- Multiple GST registrations for Pan India entity, need for record keeping/reconciliations
- B2C Invoices uploaded in summary NOT at invoice level-so need for audit here
There will of course be 'Non professional' work such as mismatch reconciliations, vendor review etc but this will be outsourced I suppose.